Just curious if there is any intel out there for thresholds for interest rates given middle mortgage scores?
For example 660 MM gets certain rate FHA vs score of 680
Or
Conventional not likely good rate or even approved unless MM is above x
I’m applying next year and lowest MM is 654 with anticipated improvement.
For example 660 MM gets certain rate FHA vs score of 680
Or
Conventional not likely good rate or even approved unless MM is above x
I’m applying next year and lowest MM is 654 with anticipated improvement.
Conventional wisdom generally around 680 is the breakpoint to start looking at conventional.
FHA rates are published, and you can mostly calculate the conventional ones from:
https://www.fanniemae.com/content/pricing/llpa-matrix.pdf
Namely 5% down on a confirming primary SFH will cost you 1.25% more in APR at 640 instead of 680.
Very handy document to find out the breakpoints, absolutely used it to throw 25% for my down payment on a 15 year mortgage to optimize rates at the time.
FHA rates are published, and you can mostly calculate the conventional ones from:
https://www.fanniemae.com/content/pricing/llpa-matrix.pdf
Namely 5% down on a confirming primary SFH will cost you 1.25% more in APR at 640 instead of 680.
Very handy document to find out the breakpoints, absolutely used it to throw 25% for my down payment on a 15 year mortgage to optimize rates at the time.
Awesome. Thank you!